Rigetti Computing (NASDAQ:RGTI) Price Target Raised to $8.50

Rigetti Computing (NASDAQ:RGTI) had its price objective boosted by equities researchers at B. Riley from $4.00 to $8.50 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. B. Riley’s price target points to a potential upside of 11.99% from the company’s previous close.

A number of other analysts have also recently weighed in on the stock. Benchmark reaffirmed a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Craig Hallum assumed coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing presently has a consensus rating of “Buy” and an average target price of $5.70.

Rigetti Computing Trading Up 25.5 %

NASDAQ:RGTI traded up $1.54 during trading hours on Tuesday, reaching $7.59. 210,714,350 shares of the company were exchanged, compared to its average volume of 181,353,594. Rigetti Computing has a 52-week low of $0.66 and a 52-week high of $21.42. The stock has a 50 day simple moving average of $7.08 and a 200 day simple moving average of $3.11. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of -19.97 and a beta of 1.31.

Insider Activity

In other news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the transaction, the insider now owns 19,002,093 shares of the company’s stock, valued at $30,973,411.59. This represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock worth $5,489,354 in the last three months. Corporate insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp raised its stake in shares of Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after acquiring an additional 400,143 shares in the last quarter. Rhumbline Advisers acquired a new stake in Rigetti Computing in the second quarter valued at approximately $161,000. XTX Topco Ltd raised its holdings in shares of Rigetti Computing by 1,121.1% during the second quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock valued at $167,000 after acquiring an additional 143,697 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in Rigetti Computing in the 2nd quarter valued at $88,000. Finally, SG Americas Securities LLC increased its position in shares of Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after purchasing an additional 39,526 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.